News Update: 06/05/20

1.Bitcoin can now be used to generate DAI on DeFi protocol Maker

MakerDAO (MKR), a decentralized finance (DeFi) heavyweight, has announced the integration of Wrapped Bitcoin (WBTC) into its ecosystem, to make it feasible for holders of the last to utilize it as security for loans in the Maker Protocol, as per a blog post published .

WBTC is an Ethereum –based token pegged to BTC in a 1:1 ratio. With this most recent development, WBTC now turns into 4th security type on Maker for the creation of the DAI stablecoin. It has now joined the likes of ETH, BAT, and USDC which was recently addition.

The expansion of WBTC implies that Bitcoin holders would now be able to transform their BTC into WBTC (bring Bitcoin to the Ethereum blockchain), and then use it to generate Dai. For those new to wrapped Bitcoin, here is a step-by-step guide to wrapping your BTC and opening a vault on Oasis.

Specifically, the WBTC risk parameters include a Stability Fee of 1 percent, 150 percent Liquidation Ratio, Debt Ceiling of 10,000,000, Bid Duration of six hours, Liquidation Penalty of 13 percent and an Auction Lot Size of 1 W-BTC, among others.

The flexibility of the Maker Protocol implies that almost any kind of asset that can be tokenized can be included as collateral in the system, so long as it has proper risk parameters and is affirmed by Maker Governance. It’s energizing to add WBTC to the list of collateral types, and welcome clients to interface their wallets to Oasis Borrow and lock up their WBTC to create Dai.

About WBTC

Wrapped Bitcoin (WBTC) is the first ERC20 token backed 1:1 with Bitcoin. Completely transparent. 100% verifiable. Community led. It acts a bridge to bring BTC to the ethereum blockchain. WBTC brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) and financial applications.

2.Swipe Launches Samsung Pay for Swipe Visa Cardholders

Cryptocurrency payments platform Swipe has announced a partnership with Samsung Pay. The integration allows Samsung Pay users to make payments from their Swipe Visa card balances using Samsung Pay-empowered devices. The Announcement is published via official medium blog post.

The Swipe Card is a Visa debit card using cryptocurrencies such as Bitcoin for Euros to be spent anyplace Visa is accepted. Swipe has propelled help for Google Pay and now adds to Samsung Pay to broaden the reach of availability for Swipe users.

This new product to bridge the gap in spending cryptocurrencies to fiat currencies. The integration allows Swipe cardholders in the United Kingdom and European Union to make payments from their crypto balances at more than 50 million locations globally.

Samsung Pay gives Swipe Visa cardholders access to a secure and quick way to pay with their smartphones, smartwatches, and other Samsung Pay-enabled devices.

Joselito Lizarondo, Chief Executive Officer of Swipe stated:-

“We are excited to bring Samsung Pay to our cardholders.” This integration and relationship with Samsung will open cryptocurrency adoption and make transactions with our Visa card in Euros converted by crypto seamless. Given the current COVID-19 situation, and people steering away from physical products like cash and in some instances cards, a digital solution really helps put our client’s needs first.”

About Swipe

Swipe is a multi-resource digital wallet and Visa debit card platform designed to allow users to buy, sell, and spend their cryptocurrencies. Swipe is headquartered in the Philippines with operations in the United Kingdom and Estonia that service European users. The Swipe platform empowers users to invest cryptocurrencies in real-time without having to manually convert the transactions prior. Users can also buy/sell cryptocurrencies with their linked bank accounts globally.